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[b]The £10 note</b>

 
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Stewart Goldwater



Joined: 04 Jul 2015
Posts: 7

PostPosted: Sat Jul 04, 2015 9:37 am    Post subject: [b]The £10 note</b> Reply with quote

[b]The £10 note</b>
I recall reading a piece some time ago about a £10 note which was found in (I think) a pub. and this note does the rounds .... Can anyone point me to this piece?

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Brian Chance



Joined: 09 Nov 2008
Posts: 115
Location: Croydon Surrey U.K.

PostPosted: Mon Jul 06, 2015 10:29 am    Post subject: Reply with quote

This is a good story, the details of which vary according to who is telling it. The gist is that an innkeeper noticed that a regular customer had dropped a £10 note as he left. The innkeeper put the note behind the bar clock with the intention of returning it on the customer’s next visit. Later that day the bartender had to use it as part of another customer’s change. This customer then used it to pay for a haircut, the hairdresser used it to buy his lunch, the café owner used it to buy flowers for his wife and the note continued to circulate (in accordance with the whims of the storyteller) until it was finally used to buy a drink at the pub. By happy coincidence the bartender remembered at that moment to replace the note that he had taken from behind the clock by using, without his knowledge, the very note that he had taken.
On the following day the regular customer visited the pub and the innkeeper handed him the note. “Oh”, said the customer, “I am glad that you found this note because I was afraid that I had paid somebody with it. It is a dud” – and he proceeded to tear it to pieces.

The message is that money of any sort can be used as a means of exchange of real wealth in the form of goods and services provided that it is trusted by all those concerned. It is a message of great significance today as money in huge quantities is conjured out of thin air by banks for loans and by central banks as QE, creating massive debt.

The posting “Wealth and Money” on this site, dated Mar 23 2013, is about the circulation of money, with click by click diagrams and “Banking and Positive Money” on Nov 29 2012 explains the rule for sound money. Finally there is an article on “The Nature of Debt” in the current issue of Land & Liberty, which can be found here:-
http://www.henrygeorgefoundation.org/publications/land-liberty-magazine.html
Any comments on any of this would be gratefully received.
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Stewart Goldwater



Joined: 04 Jul 2015
Posts: 7

PostPosted: Tue Jul 07, 2015 1:39 pm    Post subject: The £10 note Reply with quote

BC
Thanks Brian,
I liked the childlike simplicity of the original story which I have yet to find: the posts on "Wealth + Money" and "Positive Money" give me indigestion after a while. :-)
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